Practical Problems | Q 2 | Page 115 Chapter 2: Accounts of ‘Not for Profit’ Concerns Balance Sheet as on 01.04.2018

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Balbharati Solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.

Practical Problems | Q 2 | Page 115


Balance Sheet as on 01.04.2018


Liabilities

Amt. ₹

Amt. ₹

Assets

Amt.  ₹

Amt .₹

Subscription received in Advance for 2018 - 19

20,000


Outstanding Subscription






2016 - 17

26,000





2017 - 18

35,000

61,000

 


Receipts and Payments Account for the year ending 31.03.2019.



Liabilities

Amt. ₹

Amt. ₹

Assets

Amt.  ₹

Amt .₹

Subscription received in Advance for 2018 - 19

20,000


Outstanding Subscription






2016 - 17

26,000





2017 - 18

35,000

61,000


Adjustments :


Outstanding Subscription for 2018 - 19 is  32,000

With the above information present the item Subscription in Income and Expenditure Account for the year ended 31.03.2019 Balance Sheet as on the date.


Solution: 


In the books of ________________

Income and Expenditure Account for the year ended 31st March 2019


Expenditure

Amount (₹)

Amount (₹)

Income

Amount (₹)

Amount (₹)




By Subscription

4,10,000





Add: Outstanding Subscription for Current Year 2018–19

32,000






4,42,000





Add: Subscription of Current Year received in Advance in the Previous Year 2017–18

20,000

4,62,000


Balance Sheet as on 31st March 2019


Liabilities

Amt (₹)

Amt (₹)

Assets

Amt (₹)

Amt (₹)

Subscription received in Advance for the Year 2019 – 20


21,000

Outstanding Subscription for






Add: Year 2018–19 (Current year)

32,000





Add : Year 2016–17 (26,000 – 23,000)

3,000





Add : Year 2017–18 (35,000 – 30,000)

5,000

40,000


Working Note :


Outstanding subs. given in the balance sheet as on 01 – 04 – 2018 are  26,000 (for 2016–17) and  35,000 (for 2017 – 18). Against that as shown in receipt – Payment A/c  23,000 and  30,000 are received respectively. Means  3,000 and  5,000 are still outstanding which are known in the current year balance sheet.


Book-keeping and Accountancy 12th Standard 

HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Chapter 3: Reconstitution of Partnership (Admission of Partner)

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

Chapter 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

 

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